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The government of Greece is on the brink of insolvency, with a staggering $5 billion deficit.
This is due to spending that should be earmarked for the public sector, according to a new report.
The country is currently spending nearly a third of its annual budget on pensions and healthcare.
But Greece has no plan to pay back the debt it owes to its international creditors.
“The government is in a position where the budget has to be adjusted by a third,” said economist Panos Vangelis, who led the study for the Greek National Institute of Economics and Finance.
“We are at a point in time where the government is facing a crisis that cannot be solved by budget adjustments alone.
The crisis will have to be solved with the creation of a new fiscal framework.”
Greece is not the only European country to struggle with its debt crisis.
The Greek government has also been grappling with its budget deficit.
Since 2009, Greece’s budget deficit has ballooned from 4.6 percent of gross domestic product to nearly 7.5 percent.
While Greece’s debt has dropped in recent years, it still owes the European Union over $1.5 trillion in overdue payments.
According to the International Monetary Fund, Greece owes about 40 percent of its GDP.
The IMF estimated that if Greece’s economy were to contract by a quarter, the country would need to pay a total of $1 trillion in interest.
The report also estimates that Greece’s public debt could hit $15.4 billion this year.
The government is currently facing an €18 billion bailout, but it has yet to negotiate a deal with the EU to avert a default.
The European Commission is negotiating with Greece over a bailout deal that would allow the country to remain in the euro currency.
“Greece has not made any progress towards an agreement with the European Commission to avoid a default,” Vangelos told Bloomberg.
“It is too late.”